Friday, February 5, 2010

The Breakdown, the writing on the wall changed...

Thursday, February 4, 2010

New S&P Chart--The Breakdown Edition

By: Scott Redler

The market will always speak, and therefore, active traders must pay attention and listen. All the signs were there that this type of move was in the cards since the day companies started getting sold off heavily on great earnings reports and when key market stocks broke important moving averages. I am not going to rehash all the sings, as I posted them nearly every day on this blog. The biggest key was when the uptrend line was broken--that was a game changer!

On January 21, 2010 the S&P was sitting at 1,130. That was then, but this is now:

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